Baltimore Capital Management Inc. Invests $1.67 Million in Spirit Airlines Incorporated (NASDAQ:SAVE) Stock

Baltimore Capital Management Inc. purchased a new stake in Spirit Airlines Incorporated (NASDAQ:SAVE) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 31,535 shares of the transportation company’s stock, valued at approximately $1,667,000. Spirit Airlines makes up approximately 2.7% of Baltimore Capital Management Inc.’s investment portfolio, making the stock its 12th largest holding.

A number of other hedge funds also recently bought and sold shares of SAVE. JPMorgan Chase & Co. lifted its holdings in shares of Spirit Airlines by 786.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 124,312 shares of the transportation company’s stock worth $5,839,000 after acquiring an additional 110,295 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Spirit Airlines by 496.8% in the 4th quarter. Bank of Montreal Can now owns 6,672 shares of the transportation company’s stock worth $387,000 after acquiring an additional 5,554 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Spirit Airlines by 41.5% in the 4th quarter. Rhumbline Advisers now owns 101,618 shares of the transportation company’s stock worth $5,886,000 after acquiring an additional 29,778 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Spirit Airlines by 84.5% in the 4th quarter. SG Americas Securities LLC now owns 7,710 shares of the transportation company’s stock worth $447,000 after acquiring an additional 3,531 shares during the last quarter. Finally, ClariVest Asset Management LLC bought a new stake in shares of Spirit Airlines in the 4th quarter worth approximately $3,620,000.

A number of brokerages have recently weighed in on SAVE. Bank of America lowered shares of Spirit Airlines from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $71.00 to $61.00 in a report on Thursday, April 25th. Cowen lowered their price target on shares of Spirit Airlines from $76.00 to $73.00 and set an “outperform” rating for the company in a report on Thursday, April 11th. BidaskClub lowered shares of Spirit Airlines from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Raymond James lowered their price target on shares of Spirit Airlines from $80.00 to $75.00 and set a “strong-buy” rating for the company in a report on Friday, April 26th. Finally, Imperial Capital lowered their price target on shares of Spirit Airlines from $92.00 to $83.00 and set an “outperform” rating for the company in a report on Thursday, March 28th. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $66.87.

Shares of Spirit Airlines stock opened at $49.68 on Thursday. Spirit Airlines Incorporated has a 12-month low of $34.36 and a 12-month high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings data on Wednesday, April 24th. The transportation company reported $0.84 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.84. The company had revenue of $855.80 million for the quarter, compared to analysts’ expectations of $855.77 million. The firm’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 earnings per share.

In other news, Director Robert D. Johnson sold 750 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $45.97, for a total value of $34,477.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Laurie Villa sold 3,800 shares of the company’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $53.69, for a total transaction of $204,022.00. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by insiders.

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About Spirit Airlines

Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.

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Institutional Ownership by Quarter for Spirit Airlines (NASDAQ:SAVE)

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